In this edition:
- Suncor to cut 1,500 jobs by end of year, employees informed Thursday
- Explainer: Why is the Canadian economy strong despite record pace of rate hikes?
- All remaining Nordstrom stores in Canada to close for good by Tuesday
- Habitat Niagara receives $125,000 donation
- Revitalize, adapt or teardown? Canada’s existing buildings and decarbonization
Suncor to cut 1,500 jobs by end of year, employees informed Thursday
Suncor Energy Inc. will cut 1,500 jobs by the end of the year, as new CEO Rich Kruger forges ahead with his mandate to reduce costs and improve the company’s lagging financial performance.
Employees were given the news Thursday afternoon, in a companywide email from Kruger, Suncor spokeswoman Sneh Seetal said.
Explainer: Why is the Canadian economy strong despite record pace of rate hikes?
Despite the fastest monetary tightening cycle in the country’s history, Canada’s economy is still running hot, which forced the central bank to crank its key interest rate even higher to a 22-year high of 4.75% last week.
Analysts are betting on another rate hike in July, to help the Bank of Canada bring inflation back down to its 2% range. Here are some factors that are keeping demand robust in the Canadian economy.
All remaining Nordstrom stores in Canada to close for good by Tuesday
Tuesday will be the final day for all 13 Nordstrom and Nordstrom Rack stores across Canada, the retailer has announced.
The U.S. department store chain, which announced in March that its Canadian operation would be shutting down, said on its website that June 13 will be its last day in business.
Liquidation sales started in March and have been proceeding for weeks as the retailer winds down its operations in Canada after less than a decade in business.
Habitat Niagara receives $125,000 donation
Habitat Niagara has received a $125,000 donation from the Harber family to help the non-profit build more homes for local families.
The third home currently under construction in Thorold will be named “The house that the Harber Family Fund built” to honour and recognize the contribution.
The partnership with Habitat Niagara began in 2019, when Andrew Harber, CEO of Abatement Technologies, worked alongside his employees helping to build a Habitat home.
Revitalize, adapt or teardown? Canada’s existing buildings and decarbonization
mbodied carbon is one of the biggest contributors to the carbon footprint of any building and focusing on how the industry handles Canada’s existing large building stock is an essential component of the path to net-zero.
“Retaining and improving the existing buildings that we have really has to be a critical part of our strategy for decarbonizing our building industry,” said Aaron Knorr, senior associate with Perkins & Will at the Canada Green Building Council’s (CaGBC) Building Lasting Change conference.
Did you know?
In 1941, the Imperial Japanese government calculated that their stockpile of about 43 million barrels of oil would last slightly more than a year.
Today, Japan consumes that amount of oil every eleven days.
Focus on Small Business
How entrepreneurs can better manage stress while trying to live a great life
We all might want the same thigs in life. To live well, be with people we love, do the things that make us happy. But sometimes things do not go according to plan and if you are an entrepreneur, every day is like being on the deck of a rolling ship. Its good, it’s bad, its somewhere in between. But none of us were born to do anything in particular so if you have created a company and love it, awesome. However, the lifestyle of an entrepreneur, especially in the early days can be quite stressful.
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.